Technology changing the landscape

IT Technology has changed and keeps changing many things about how we execute our jobs and business. It’s changed the way we find and are found by clients and the way we interact with them before, during and after a project.

The following paragraphs will elaborate on how the Internet is changing the financial and insurance industry in Australia, for the better. And the Visual Guide by Lifedeal.com.au helps to illustrate it.

• In the year 2011 – 2012, approximately $237 billion was earned by Australian Businesses through the help of the internet. These figures are according to the Australian Bureau of Statistics and Summary of IT Use & Innovation in Australian Businesses 2011 – 012.
• In the year 2011 – 2012, the total online business done in Australia was at 45%; whereas the total offline business done in Australia was at 55%. This means that the former had a web presence on the internet whereas the latter did not have a web presence on the internet. Moreover, 55% companies with an online web presence, placed orders through the internet; while 45% companies without an online presence did not place an online through the internet. In addition, the businesses involved in innovative activities in these years, jumped from a mere 39% to 47%.
• In the year 2011, only 14% of all small businesses had a social media presence, but this number increased to 27% in the year 2012 and as of 2013, this number has increased to 30%. This means that approximately 30% of all small businesses now have a social media presence due to the internet. Similarly, in the year 2011, only 25% of medium companies had a social media presence, this number increased to 34% in the year 2012 and in the year 2013, 47% of all medium companies in Australia have a social media presence. In the year 2011, only 50% of large businesses had a social media presence, this number increased to 79% in the year 2012 and 2013.
• In the year 2011 – 2012, approximately 65% of businesses in the insurance and financial sector have placed orders on the internet.

Conclusion

The above paragraphs indicate that the internet has improved the scope of business for the insurance and financial industry in Australia. If you still have any doubts about the effectiveness of using the internet to reach your target audience then you should note that, financial advisors are now using social media sites since they understand the impact these sites can have on customers and clients.

Facebook is being used by 48.5% of these professionals; LinkedIn and YouTube are being used by 39.9% and 27.8% of financial advisors respectively. Over 75% of insurance and mortgage brokers in Australia are planning on increasing their level of engagement with various types of social media networks in the year 2013 – 2014.

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